Financial Services ClientBackground:A major financial services company sought to change the way it handled collection of late loan payments. The business had consistently written off over $100 million annually in noncollectable debt. The executive in charge of this division had a vision for a new way of doing business which represented a radical departure from traditional collection strategies.
Challenge:Success in implementing this customer service strategy plan hinged on fundamentally changing the nature of interactions between the company representatives and their customers. This would require:
- Company Reps to change existing behaviors
- Reversing a trend of poor customer satisfaction
- Increasing customer follow-through on commitments
- Create a clear link between the new strategy, organizational purpose, and customer loyalty
- Develop personal accountability and ownership for adopting new behaviors
- Increase people’s readiness for to embrace the change management process
- A 60% increase in desired behaviors
- Measurable increases in customer loyalty & satisfaction around how reps handle transactions
- A 30% increase in “promises kept per hour” – customers following through on payment commitments
- A 29% increase in dollars collected per hour
- Reduced charge-offs by 39% and $44 million in one year
